Home owning beats renting in a myriad of ways, especially if you are financially ready. Home prices have come down to more affordable levels. Mortgage interest rates are at historically low levels. And a number of new federal laws and regulations will help ensure you step into your new home on sure footing.
Plus consider these timeless benefits:
- No landlord, just you. Having a home of your own means doing things your own way. It gives you a sense of stability, and your own space.
- Paying your mortgage is like putting money in the bank. Yes, every payment includes interest that goes to the bank, but the principal portion of the payment is another piece of your home that is yours to keep. On top of that, your home is likely to grow in value, so that ownership of your home is a real investment.
- No surprises. With a fixed-rate mortgage you know what you will be paying for the life of the loan. As a renter, you never know when your rent may rise.
- Closer to good schools.
- Closer to family-friendly amenities. In a home, you are likely to be closer to parks and other community features that will appeal to you.